Mortgage refinance with SoFi

[Uncle Scrooge]

I am prequalified for a mortgage refi with SoFi. They contacted me yesterday to move ahead in the process. They are requesting 2 months of bank statements, 401k statements, mortgage bills, home insurance bills, two years of W-2s, and two years worth of tax returns.

I'm sure this is all legit, but I've never refinanced before and am kinda nervous since this is all through the internet and I don't get a face to face with anyone.

Does anyone have experience refinancing a mortgage? Are all of these documents normal to send over?

Thanks in advance for the help/advice!

[jackiechiles2]

I am prequalified for a mortgage refi with SoFi. They contacted me yesterday to move ahead in the process. They are requesting 2 months of bank statements, 401k statements, mortgage bills, home insurance bills, two years of W-2s, and two years worth of tax returns.

I'm sure this is all legit, but I've never refinanced before and am kinda nervous since this is all through the internet and I don't get a face to face with anyone.

Does anyone have experience refinancing a mortgage? Are all of these documents normal to send over?

Thanks in advance for the help/advice!

401k statement's a little odd, but the rest sounds about right. I just refinanced with a different company last month and they required basically the same stuff. The bank statements is required to be sure you've got enough money to pay either the closing costs or the down payment, and that the money didn't come from a gift or whatever.  The rest is to verify your income and ability to pay. The insurance statement is required so they can calculate the amount to be set aside for escrow and to contact the insurance company to let them know about the transfer.

[Uncle Scrooge]

Thank you for your reply. The 401k statement and the tax return both threw me off.

The way the lady explained it, they want to make sure we have enough assets available to cover 6 months worth of mortgage payments. Still not sure why the 401k would matter. 1) There's more than 6 months worth in our savings/checkings accounts and 2) it's not like I'd cash out my 401k to make a mortgage payment.

I didn't ask about the tax return, but maybe that's to ensure I don't have any other payments I'm liable for that wouldn't show up on my creidt report: ie, alimony, child support, etc.

I'm not 100% sure, but that's my guess.

Thanks for putting my mind at ease by sharing your refinance experience.

[Mr. Green]

+1 for totally normal. Refinanced a couple times and it always included that stuff.

[sabertooth3]

I refinanced in January with a major bank and can confirm that they ask for all of this information. They want the full picture of your assets, which is why they want to know about your 401k. After the crash, it seems that the banks are a lot stricter on who they're giving mortgages to and what kind of income history people have.